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Secured Finance Fund FOR PROFESSIONAL INVESTORS ONLY. FOR A FULL LIST OF APPLICABLE RISKS, INVESTORS SHOULD REFER TO THE PROSPECTUS OR OTHER OFFERING DOCUMENTS. SECURED FINANCE FUND 31 August 2021 FUND OBJECTIVE FUND FACTS The Fund seeks to produce an annual interest based return Fund size: £1.6bn Inception date: 31 March 2015 FUND SUMMARY Benchmark: SONIA ● Invests primarily in debt, loan and structured financial instruments including asset- backed securities (ABS), collateralised loan obligations (CLOs) and securities that give Fund managers: Shaheer Guirguis, Jason Cameron, Jeremy Deacon exposure to supply chain finance ● Seeks to add value through investment in both public and private secured finance Target return: Outperform benchmark by 4% pa (before tax, fees and charges) over rolling markets and may have exposure to sub-investment grade investments three year periods. However, a positive return ● Rigorous, disciplined and proven investment process bringing together the best ideas is not guaranteed and a capital loss may from Insight’s dedicated Secured Finance Team occur. SHARE CLASS PERFORMANCE FUND CHARACTERISTICS Since inception 1 month 3 months 1 year 3 years (pa) 5 years (pa) (pa) Fund Fund 0.30 0.79 8.20 3.37 4.61 4.27 Yield (%) 2.79 Benchmark 0.00 0.01 0.05 0.47 0.47 0.48 Weighted average life (years) 2.2 Weighted Average Discount Margin Calendar year returns 12-month rolling returns 338 2020 - 2019 - 2018 - 2017 - 2016 - (Assets) vs Sonia (bp) 2020 2019 2018 2017 2016 2021 2020 2019 2018 2017 Weighted Average Discount Margin 274 Fund 0.37 5.20 2.59 7.59 6.81 8.20 -1.31 3.43 4.64 8.37 (Fund) vs Sonia (bp) Benchmark 0.29 0.80 0.72 0.35 0.50 0.05 0.54 0.82 0.58 0.34 Source: Insight Investment and Rimes. Fund performance is shown for share class A £ Acc and is calculated as total return, including reinvested income, gross of fees and expenses. Gross of fees performance results do not reflect the deduction of charges, which will reduce investors’ returns. Benchmark performance shown is for SONIA (previously benchmarked against 3-Month GBP LIBOR until 31st December 2020). Performance for periods over one year is annualised. Past performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may be partly due to exchange rate fluctuations). Investors may not get back the full amount invested. FUND MANAGER COMMENTS The Fund outperformed its cash benchmark in August. The European structured credit market performed well with a broad-based tightening of spreads given a subdued primary market (though there is a reasonable nice issue pipeline building) and a secondary market which is very light on the offer side. The US structured credit market also performed well with continued outperformance in the highest yielding parts of the market. In consumer asset- backed securities, student loan ABS performed well. Collateralised loan obligations (CLOs) were relatively range-bound. Turnover was focused on adding risk in the CLO market while performance was broad-based. Lending activity was slow, but we expect that to change in September/October. The long-term strategic value of the asset class remains strong: the holdings are all highly rated; forecast returns are relatively attractive; and a large percentage of the asset class globally comprises short-dated fixed rates or floating rate notes. CREDIT RATING TECHNICAL DETAILS AAA 20.5% Legal structure: Qualifying Investor AA 6.4% Alternative Investment Fund (QIAIF) A 17.2% Domicile: Ireland BBB 45.7% Sub -investment grade 10.1% Share class currencies: Sterling, Euro Dealing frequency: Subscriptions: Monthly - last business day of calendar month by 5pm (Irish Time), Redemptions: Quarterly - last business day of quarter by 5pm (Irish Time) Settlement period: Purchases: T+4, GEOGRAPHY Redemptions: T+15 UK 29.3% Global 0.9% Pricing method: Swinging single price Cash 18.1% Greece 0.8% Scheme: LDI Solutions Plus ICAV US 17.9% Belgium 0.7% Australia 13.2% Croatia 0.4% Depositary: Northern Trust Fiduciary Services Italy 4.4% Finland 0.4% (Ireland) Limited Ireland 3.8% France 0.1% Spain 2.6% Netherlands 0.1% Administrator: Northern Trust International Germany 2.6% Portugal 0.1% Fund Administration Services (Ireland) Limited Pan -Europe 2.4% Ongoing charges: 0.61% (represented by Sweden 2.3% share class B Euro Accumulation, other share classes are available) MATURITY PROFILE 35.0 30.0 27.54 Environment: Production (20 September 2021 13:51:27) Parameters: SECFIN, 31 August 2021 00:00:00, en-gb 25.0 Legal Structure: QIAIF Marketing Data: SECFIN_en-gb 20.0 Commentary: SECFIN;31 August 2021 00:00:00; en-gb; M 15.00 Breakdown 1: Credit Rating Percent Pie2 (Pie2) % 15.0 Breakdown 2: Geographic Percent Pie2 (Pie2) 10.20 10.70 Breakdown 3: Maturity Profile WAL Years V Bar (V_Bar) 8.64 8.42 8.40 Breakdown 4: Manual Sector Allocation Percent Pie2 (Pie2) 10.0 6.70 4.40 5.0 0.0 < 0.5 <1 <1.5 <2 <3 <4 <5 <6 > 6 Maturity band (years) FUND ALLOCATION Cash 18.1% Aircraft Finance 2.6% www.insightinvestment.com Residential MBS 11.8% Leveraged Loan CLO 2.6% Commercial MBS 11.3% Credit card financing 2.4% SME Collat. Loan oblig. 11.0% SME Finance 2.1% Non -perf. loan finance 9.0% Comm. real est. loan 1.9% Residential finance 6.8% Regulatory Capital fin. 1.2% Consumer finance 6.5% Other ABS 0.0% Whole business Sec. 5.2% Trade Finance 4.4% Auto finance 3.1% The information in this document is general in nature and does not constitute legal, tax, or investment advice. This document may not be used for the purposes of an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. Investors are urged to consult their own advisers on the implications of making an investment in, and holding or disposing of shares in the Fund. Portfolio holdings are subject to change, for information only and are not investment recommendations. • Any losses in the fund will be borne solely by investors in the fund and not by BNY Mellon (including its affiliates); therefore BNY Mellon's losses in the fund will be limited to losses attributable to the ownership interests in the fund held by BNY Mellon and any affiliate in its capacity as an investor in the fund or as beneficiary of a restricted profit interest held by BNY Mellon or any affiliate. • Ownership interests in the fund are not insured by the FDIC, are not deposits, obligations of, or endorsed or guaranteed in any way, by BNY Mellon. Neither BNY Mellon nor any of its controlled affiliates (which includes the fund's general manager/ managing partner/ investment adviser), may directly or indirectly, guarantee, assume, or otherwise insure the obligations or performance of the fund or of any other covered fund in which the fund invests. • Investors should read the fund's offering documents before investing in the fund. Information about the role of BNY Mellon, its controlled affiliates, and their employees in sponsoring or providing services to the fund are described in the Volcker Rule section of the offering documents. Issued by Insight Investment Funds Management Limited, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 01835691. Insight Investment Funds Management Limited is authorised and regulated in the UK by the Financial Conduct Authority. © 2021 Insight Investment. All rights reserved. .
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